Get Started with ixamBee
Start learning 50% faster. Sign in now
Let the marked price of the article is Rs. ‘x’. According to the question; 0.94x – 0.89x = 112 Or, 0.05x = 112 Or, x = 112/0.05 = 2240 Cost price of the article = (75/100) × 2240 = Rs. 1680
A movement along a demand curve indicates that a different quantity is being demanded
This movement is due to
Under perfect competition, the long-run equilibrium of the firm is established at
Economics of scale means
When the economist speaks of an increase in demand, he is usually referring to a ____________________
If the firms under perfect competition have different costs, abnormal profits can be earned in the long run only by
Statement “Price is the amount of money and/or other item with utility needed to acquire a product" is given by
Concept of 'Consumer's Surplus' was evolved by
From the resource allocation point of view, perfect competition is preferable because
In a typical demand schedule, quantity demanded varies
Market demand for any good is a function of the
